Arrayit Diagnostics, Inc. Announces $8 Million Financing Commitment

October 04, 2012 09:30 AM Eastern Daylight Time

SUNNYVALE, Calif.--(BUSINESS WIRE)--Arrayit Corporation (OTCQB: ARYC) is pleased to announce that Arrayit
Diagnostics, Inc. (“AD”) has secured a financing commitment from
American Equity Fund, LLC to purchase up to $8 million of the common
stock of AD. This financing will commence upon the completion, filing,
and approval by the SEC of the S-1 Registration Statement. The specific
terms and conditions of the financing commitment will be fully disclosed
in the Form S-1.

John Howell, President and CEO of AD, stated, “I am very pleased with
the completion of this financing package, as AD now has the necessary
financial resources to reach the next critical milestone in the
expansion of the research and development of disease states beyond
current activities.”

Rene Schena, Arrayit Corporation CEO, adds, “This important milestone
illustrates the value of microarray-based testing in oncology and other
human disease areas. The capital raise in Arrayit Diagnostics represents
an important step in our growth strategy.”

About Arrayit Corporation

Arrayit Corporation, headquartered in Sunnyvale, California, leads and
empowers the genetic, research, pharmaceutical, and diagnostic
communities through the discovery, development and manufacture of
proprietary life science technologies and consumables for disease
prevention, treatment and cure. Please visit www.arrayit.com
for more information.

About Arrayit Diagnostics

Arrayit Diagnostics, headquartered in Redmond, Oregon, is leading the
research and approval process of diagnostic tests for cancer based on
molecular diagnostic technology.

Safe Harbor Statement

We have identified forward-looking statements by using words such as
"expect," "believe," and "should." Although we believe our expectations
are reasonable, our operations involve a number of risks and
uncertainties that are beyond our control, and these statements may turn
out not to be true. Risk factors associated with our business, including
some of the facts set forth herein, are detailed in the Company's Form
10-KA for the fiscal year ended December 31, 2011 and Form 10-Q for the
quarters ended March 31, 2012 and June 30, 2012.